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Credit Tip of the Day!DLA (Date Of Last Activity) compared to ODD (Orginal Date of Delinquency! - 02/29/08 09:04 AM
This was very confusing to me when I first started in this industry. Lets say you have an account that is in collections. You want it off the report and you look at the DLA on the tri-merge mortgage report. You determine that it has two years left to stay on the report but your customer tells you they stopped paying this 8 years ago? Here is why: You DO NOT go by the DLA. You have to go by the ODD. The ODD is usually not on a tri-merge mortgage report. It is usually always on a consumer report. This can (2 comments)
Housing Slump Now Going Commercial - 02/28/08 03:16 PM
APThursday February 28, 2:02 pm ET By Dan Caterinicchia, AP Business Writer The fundamental metrics of the commercial real estate market -- vacancy rates, net operating income and capital available for investment -- remain strong. But the erosion of credit has hurt the market for apartment buildings, office towers and retail space. Banks -- faced with multibillion-dollar losses from bad bets on mortgage-backed bonds -- lend less and have tightened the terms of the loans they do provide. "Nobody has trust in the banking system," said Jeffrey Schwartz, chairman and chief executive of industrial real estate investment trust ProLogis told the (2 comments)
Fed Ready to Cut Intereste Rates Again - 02/27/08 04:15 PM
APFed Ready to Cut Interest Rates AgainWednesday February 27, 3:28 pm ET By Jeannine Aversa, AP Economics Writer He is fighting to keep the economy afloat after mighty blows from the housing and credit crises, while trying to contain inflation. For now, the priority is shoring up the economy, Bernanke suggested in an appearance before the House Financial Services Committee. He pledged anew to slice a key interest rate and help the economy, which many fear is on the verge of a recession, if not already in one. "The economic situation has become distinctly less favorable" since the summer, the Fed (3 comments)
When and how to pay that collection! "Credit Tip of the Day!" - 02/27/08 08:20 AM
Deragitory's! We have all seen them time and time again. I can't tell you how many times a day I hear "But I paid that off last year. The collection company said it would not be negative on my credit report anymore." Fact is when you pay a derogatory it becomes a paid derogatory on your credit report and it does not go away. It will still negatively impact your score. It in a small way will help your DTI but not near as much as if it went away all together. I would not pay a charge off account until (8 comments)
Dallas Texas Foreclosures are Increasing! - 02/26/08 01:45 PM
Is this ever going to come to an end? This was a news release today from WFAA. Thousands of homeowners in North Texas have lost their homes to foreclosure. In Dallas County, more than 18,000 foreclosures are on the market. Nearly 14,000 foreclosures are posted in Tarrant County. I guess Texas is finally getting hit as hard as the rest of the country. (2 comments)
Collection Company "Credit Tip of the Day" - 02/26/08 09:00 AM
Every see the little black fish in the bottom of the aquarium eating the scum off of the bottom of the tank. Hummmmm. Well just remember these people are typical Michael Vick. If they can get away with it they will break the rules. They know the rules but prey on the public that is not aware. I am going to go through a short script to help you help your customers. A is the customer and B will is the collection agency. Ring: A: Hello......B: Can I speak to Tim.....A: Can I ask who is calling?.....B: Is this Tim?......A: Again can I ask (2 comments)
Fraud on my Credit Report! Credit Tip of the Day! - 02/25/08 08:58 AM
One of the applicable laws for credit restoration that is seldom stated is "The Fair and Accurate Credit Transactions Act (FACTA). This law is used primarily dealing with fraud. It establishes processes for investigating indenty theft, filling out fraud affidavits, and adding fraud alerts to bureaus. It is actually an amendment to the Fair Credit Reporting Act. There is an important factor when dealing with a customer that has fraud on there report. Fraud was not committed on the person. It was committed on the company that reported to the bureau. If a person has fraud it typically should not take more than (1 comments)
Credit Repair Companies should be required to be Registered and Licensed! - 02/22/08 09:56 AM
I honestly think my head is going to explode. There are only 10 thousand credit repair companies in the world today. Who's is legitimate? Who is a crook? How do I know I am sending my client to a reputable and honest company. If the government would get off of there butt's and make these companies accountable for their actions we would not have these problems. Out of every 10 people I sign up at least 3 of them were taken by some sleazy so called credit repair company. Just be sure you do your homework and make these people put (2 comments)
My divorce papers say he is responsible for this. Why is it still on my credit? Credit Tip of the Day! - 02/22/08 09:01 AM
This is one of the largest problems we face. "My spouse is supposed to keep this up to date and he didn't so its not supposed to be on my credit report!" Fact is in almost all cases contract law supersedes judgements. You and your spouse had a binding contract with the car dealership and because of this you both can be held accountable and it can legally be placed on both of your credit reports. All the judgement does is give one ex-spouse legal action against the other for not following the judgment. With this said: In some cases with a copy of (7 comments)
10 Year Old Collections on a Credit Report "Credit Tip of the Day" - 02/21/08 08:33 AM
How are these collections on a credit report from 1996? This is the biggest scam of all scam's and it is actually legal. I see things on credit reports today from 1992. Simple medical bills or cell phone bills. What the heck happened to the 7 year rule or should I say myth? A creditor sells the debt to collection company "A" after 3 years. Collection company "A" now can report the debt for 7 years. Now after 3 more years collection company "A" sells the debt to collection company "B". Now collection company "B" can report the debt for .... yes...... 7 more (20 comments)
Judgments and BK's? Credit Tip of the Day! - 02/20/08 08:20 AM
This is a daily task for me. Every other person or mortgage officer that call's me has a question on judgments, BK's or tax liens. These require a bit more work but are not real difficult to get off of a credit report. Once the item has been satisfied, dismissed, or discharged we have a really good chance of making it go away. If the customer is still in a BK13 or the judgement/tax lien is not satisfied then you are spinning you wheels trying to get it removed. The chances of getting it removed are slim to none! Remember a BK (8 comments)
Debt to Income Problems? Credit Tip of the Day! - 02/19/08 08:32 AM
DTI is a common problem and I get several calls from mortgage officers asking questions on it. What should I have the client pay? First and foremost I would have them pay on the credit card debt. Paying this down will not only help the DTI but also help the FICO score. I have had several questions that state "What if we have the client refinance one of his auto's lowering the payment?" This will help the DTI a little bit but the score very well could drop. You have an additional inquiry and you also have a new account with (5 comments)
I need some advice on a Mortgage Loan! - 02/18/08 03:14 PM
I have a couple that just finished my program. They went from a hight 400 score to a mid to upper 600. Where do they need to be for a conventional 30 year fixed rate on a $200,000 home? Any advice is helpful. (7 comments)
FICO Score "Credit Tip of the Day" - 02/18/08 09:10 AM
Credit Tip of the day is on the FICO Score! Your credit score is based off of 5 different areas: 35% Is your Payment Histroy 30% Is your Amounts Owed 15% Is Lenght of Credit History 10% Is new credit 10% Is types of credit in use. If you are trying to help a customer quick you may want to look at the "Amounts Owed". This is one way you can help your customer get a quick increase in the score if you are close to the FICO Score you are requesting. I have seen a score jump 30 points just by paying off credit cards. You can (4 comments)
Mortgage Referals - 02/15/08 03:42 PM
O.K. folks! I have signed up 12 people sent to me from mortgage officers today! Come on.....give em to me. Lets get these people fixed and in a house. Its Friday and I am ready to change someone's life! What mortgage officer out there needs some free help closing some customers? GOD I LOVE MY JOB! (4 comments)
I get this question "alot" on services! - 02/15/08 12:46 PM
Why would anyone use a credit repair company when they can do it themselves? Good question! Lets discuss this thinking. Credit is absolutely necessary for most people to live the life they want. There are (and I know some of them) mortgage officers, loan officers, and real estate agents doing credit repair out of their back office. Let me ask this: If you wanted to learn to play golf would you hire a mechanic who just plays in his spare time to teach you or would you hire a golf pro. Point is you can also do surgery on yourself but I would not suggest you (2 comments)
Credit Tip of the Day! - 02/15/08 09:30 AM
We have all heard people talking about authorized users on a credit report. Truth is it does not work anymore. It will not effect the score in a positive manor as it did in the past. The credit reporting agencies have revamped the scoring models so that an authorized user will not impact the score. The best thing is for customers to get a revolving in their own name so that it can be used as a good trade to increase the score. If you are dealing with a Credit Restoration company that does not assist you in setting up new trades then shame (2 comments)
Please advise me on this: - 02/13/08 03:31 PM
I am employed in the credit repair industry. I have seen both sides of the fence. I have mortgage and loan officers that are calling me on a weekly basis to get their potential customers to me and I have talked to mortgage officers that run as fast as they can the other direction when they see me coming. Why do they do this? I can't hurt the customers credit. In 99.9% of the cases we increase the score and also remove bad items from the report and assist in adding good items back to the report. How can this be (5 comments)
Credit Tip of the Day - 02/13/08 09:29 AM
Settlements are always (or should be) a huge part of credit repair. If one of your customers decides that they want to settle a debt with a collection company they need to remember one key point. Try to get them to ask the company for a settlement in writing that will state "The debt will not be reported as derogatory on the credit report." If they say they will only show it as paid all that is on the report is a paid derogatory. This still hurts the customer as far as the score. Now it will help a little on (0 comments)
I need loan and mortgage officers and real estate agents! - 02/06/08 01:22 PM
I AM NOT SELLING LEADS! RMCN does in the neighborhood of about 500 clients per month. 90% of the people in credit repair are looking to refinance or get into a new home. The other 10% just want better credit. We have a very aggressive advertising program and when we get peoples credit fixed they are always asking "Do you have someone you can refer me too?" We work in ever state with the exception of South Carolina. I need some business associates to who I can refer clients for......wait for it.....its coming.....FREE! All I ask is that you are reputable, (4 comments)
How high can a customer expect a score to improve in credit repair? - 02/06/08 08:58 AM
Nobody can give you a number when you ask them how much a score should go up. Any company that does this is lying. There are alot of factors in credit scoring. Your revolving accounts need to stay under 30%. Anything over this will actually start dropping yoru score. How long these accounts have been in review is also a huge factor. Fact is we have been doing this over 10 calendar years and our average is around 80 points. We have in alot of cases raised scores over 100 points but the customer has to take some responsibility in opening (1 comments)
How do I know who to trust in credit repair? - 02/05/08 04:50 PM
This is an excellent question. It is a question that I am asked on a daily basis. The answer is don't trust anyone. Make a company earn your trust. Ask alot of questions. How long have they been in business? (ask for actual calendar years) How many employee's do they have on staff? Do they lease a building or do the have roots planted deep in the community? Are they working out of a back office in there home? How many clients do they service per month? Are they registered with the Secretary of State? Are they bonded with a recognized surety company. Do (2 comments)
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